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Get your taxes done using TurboTax
Your tax liability is determined by the total amount of income you receive in 2020--so if the bonus is paid in 2020 it will be on your 2020 W-2. You will enter your W-2 and it will include the gross income you received as well as the tax withheld. The software will do the calculations. Only the amount (if any) of your income that is above the previous tax bracket is taxed at the higher amount.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎December 3, 2020
7:16 AM